Investors Buy Shares of Verizon Communications Inc. (VZ) on Weakness After Insider Selling
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading hours on Friday following insider selling activity. $200.43 million flowed into the stock on the tick-up and $71.94 million flowed out of the stock on the tick-down, for a money net flow of $128.49 million into the stock. Of all companies tracked, Verizon Communications had the 2nd highest net in-flow for the day. Verizon Communications traded down ($0.14) for the day and closed at $51.98Specifically, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total transaction of $36,832.32. Following the sale, the executive vice president now owns 11,198 shares in the company, valued at approximately $613,762.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.10% of the company’s stock.
Several research analysts have issued reports on VZ shares. Morgan Stanley reiterated a “buy” rating on shares of Verizon Communications in a report on Monday, June 6th. Imperial Capital lowered Verizon Communications from an “outperform” rating to an “in-line” rating and raised their target price for the company from $50.00 to $60.00 in a report on Tuesday, August 2nd. Barclays PLC restated an “equal weight” rating and issued a $52.00 target price on shares of Verizon Communications in a report on Friday, August 26th. Macquarie restated a “neutral” rating and issued a $55.00 target price on shares of Verizon Communications in a report on Wednesday, July 6th. Finally, Jefferies Group restated a “hold” rating on shares of Verizon Communications in a report on Friday, September 2nd. Twenty-four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Verizon Communications presently has an average rating of “Hold” and an average price target of $54.48.
The company has a 50-day moving average of $52.45 and a 200-day moving average of $52.83. The company has a market cap of $211.89 billion, a PE ratio of 14.68 and a beta of 0.26.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping the consensus estimate of $0.92 by $0.02. The firm earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. Verizon Communications’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.04 EPS. Analysts expect that Verizon Communications Inc. will post $3.89 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.0125 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. Verizon Communications’s payout ratio is presently 63.84%.
Large investors have recently modified their holdings of the company. Taylor Wealth Management Partners raised its stake in shares of Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock worth $127,000 after buying an additional 300 shares during the last quarter. Lowe fs LLC raised its stake in shares of Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares during the last quarter. First National Bank Sioux Falls raised its stake in shares of Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock worth $190,000 after buying an additional 272 shares during the last quarter. Fenimore Asset Management Inc. acquired a new stake in shares of Verizon Communications during the second quarter worth about $202,000. Finally, Independence Advisors LLC acquired a new stake in shares of Verizon Communications during the second quarter worth about $203,000. Institutional investors and hedge funds own 63.47% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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